Bitcoin and other cryptocurrencies experience unusual volatility following statements from Mr. Trump.

(NLĐO) - Bitcoin and other cryptocurrencies have seen unusual developments after US President Donald Trump announced plans to establish a national strategic reserve.

Recently, on the social media platform Truth Social, US President Donald Trump reiterated his plan to establish a national strategic reserve. He stated that he had directed US officials to create a reserve of BTC (Bitcoin), ETH (Ethereum), XRP (Ripple), SOL (Solana), and ADA (Cardano) tokens. This would be the world's largest strategic cryptocurrency reserve.

"I have directed the President's task force to establish a Strategic Cryptocurrency Reserve that includes XRP, SOL, and ADA. I will ensure that America becomes the cryptocurrency capital of the world," Trump emphasized.

Immediately following the US President's announcement, the prices of the aforementioned cryptocurrencies surged dramatically after a series of declines in the previous week.

Specifically, according to data from Coinmarketcap, Bitcoin jumped from around $85,000 to over $95,000 in just about 2 hours last night, March 2-3 (Vietnam time), an increase of over 11%; Ethereum also increased from $2,200 to $2,500, a 13% increase... Notably, Cardano saw a sharp increase of over 67% compared to the last 24 hours, reaching $1.13/ADA.

Bitcoin's volatility after Trump's statement.

However, by this morning, March 3rd, the trading prices of cryptocurrencies had slightly decreased due to profit-taking pressure from those who had bought at the bottom earlier. Bitcoin fell to $92,800/BTC; Ethereum to $2,432/ETH, and Cardano to $1/ADA.

Mr. Le Anh Quoc, Operations Director of AlphaTrue JSC (specializing in Blockchain), pointed out several reasons why the price of Bitcoin and other cryptocurrencies fluctuated sharply after the US President's statement.

Accordingly, in addition to aggressively accumulating cryptocurrencies, those holding cryptocurrencies in a waiting state have taken advantage of this opportunity to sell them to recover their losses or to engage in short-term trading to make a profit.

Furthermore, selling pressure persists amidst Bitcoin's plunge, dragging down Bitcoin and other cryptocurrencies despite the absence of negative news.

"The cryptocurrency market surged after Trump's statement and then declined slightly a few hours later, which isn't a big deal. Bitcoin is currently trading sideways between $93,000 and $95,000; this correction is stable and nothing unusual."

"Unless something unfavorable happens in the near future, Bitcoin will continue to fluctuate in this range, and other cryptocurrencies like Ethereum or Solana will stabilize in their current levels," Mr. Quoc predicted.

According to Coinmarketcap data, the price of Pi Coin (Pi Network) is currently at $1.68/pi, down 2% over the past 24 hours.

Source: https://nld.com.vn/bitcoin-va-loat-tien-so-bien-dong-la-sau-tuyen-bo-tu-ong-trump-196250303090314007.htm